BOE Survey Ordered by Carney Paints CB as Slow and Hierarchical

Bank of England staff have described the 320-year-old institution as slow-moving, hierarchical and dogged by internal politics, according to a survey commissioned by governor Mark Carney.

The US management consultants McKinsey canvassed staff views as part of a shakeup of strategy at the Bank ordered by Carney shortly after he took over as governor last year.

Key words employees used to describe the central bank included hierarchical, slow-moving and beset by internal politics, according to news wire Bloomberg which obtained a copy of the survey. Pay was among the factors that most annoyed staff.

Commenting on the survey, Charlotte Hogg, the BoE’s chief operating officer said: “To truly transform this institution, it was crucial to have staff engagement into all aspects of what we do and how we do it.”

“Staff told us very clearly what they wanted to see change. We listened, and we responded,” said Hogg, a former McKinsey employee.

The survey contained views from 2,266 workers, around two-thirds of the workforce, shared in November last year. Bloomberg said it obtained a summary of the aggregate results “following a seven-month effort under Freedom of Information laws”.

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Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.

MarketPulse is a forex, commodities, and global indices analysis, and forex news site providing timely and accurate information on major economic trends, technical analysis, and worldwide events that impact different asset classes and investors.

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